Thursday, January 18News That Matters

Policies

Lok Sabha passes ‘The Insolvency and Bankruptcy Code (Amendment) Bill, 2017’

Lok Sabha passes ‘The Insolvency and Bankruptcy Code (Amendment) Bill, 2017’

Policies
Loan defaulters can participate in bidding under the insolvency proceedings after paying due interest and making their bad loan accounts operational, Finance Minister Arun Jaitley said. The government cannot allow loan defaulters to "merrily walk back" by paying a fraction of the due amount, he said while replying to a debate in the Lok Sabha on the Insolvency and Bankruptcy Code Amendment Bill, 2017, which was later passed by a voice vote.  The bill seeks to replace an ordinance which was promulgated in November to prevent unscrupulous persons from misusing or vitiating the provisions of the Insolvency and Bankruptcy Code (IBC). The ineligible persons or entities will include undischarged insolvent, wilful defaulter and those whose accounts have been classified as non-performing as
Multi-Pronged strategy adopted by Government to tackle malnutrition in the country

Multi-Pronged strategy adopted by Government to tackle malnutrition in the country

LifeStyle, Policies
The nutritional status of the population is an outcome of complex and inter-related set of factors and cannot be improved by the efforts of a single sector alone. The important determinants of malnutrition include inadequate food, frequent infections, poverty, low access of population to health, education, safe drinking-water, environmental, sanitation, hygiene and other social services. The approach to tackle the problem of malnutrition is multi-pronged. While the measures related to improvement in the health status of women and children are being undertaken by the Health Department through the network of CHCs, PHCs and referral hospitals like AIIMS, the action related to bringing about improvement in the nutritional status of the women and children in the country are being undertaken by ...
E-Commerce Platforms Launched for Tribal Artisans

E-Commerce Platforms Launched for Tribal Artisans

Jobs & Education, Policies
The Tribal Cooperative Marketing Development Federation of India Limited (TRIFED), a multi-State Cooperative Society under the Ministry of Tribal Affairs provides e-commerce platforms to the tribal artisans to sell their products.  TRIFED has entered into agreements with e-commerce platforms like Snapdeal and Amazon who will offer their customers various tribal products and produce through their portals www.snapdeal.com  and www.amazon.com respectively to facilitate online sale.  On the request of the Ministry of Tribal Affairs, Ministry of Commerce has also made provision for sale of tribal products through TRIFED on www.gem.gov.in.
India Signs Loan Agreement with the World Bank for USD 40 Million for “U.P. Pro-Poor Tourism Development Project”

India Signs Loan Agreement with the World Bank for USD 40 Million for “U.P. Pro-Poor Tourism Development Project”

Policies
An agreement for IBRD Credit of USD 40 Million from World Bank for “U.P. Pro-Poor Tourism Development Project” was signed today by Shri Sameer Kumar Khare, Joint Secretary (MI), Department of Economic Affairs on behalf of the Government of India and Mr. John Blomquist, Acting Country Director of the World Bank (India). The Implementing Entity Agreement was signed by Director General and Principal Secretary, Tourism on behalf of Government of Uttar Pradesh, and the Acting Country Director (India) on behalf of the World Bank. The programme size is approximately USD 57.14 million, of which USD 40 million will be financed by the Bank, and the remaining amount will be funded out of State Budget. The programme duration is 5 years. The Project Objective is to increase tourism-related benefi
Environment Ministry Launches a Regional Project to Tackle Stubble Burning

Environment Ministry Launches a Regional Project to Tackle Stubble Burning

India, Policies
In another significant step to combat climate change, the Ministry of Environment, Forest and Climate Change has approved a regional project on ‘Climate Resilience Building among Farmers through Crop Residue Management’ under the National Adaptation Fund for Climate Change (NAFCC).  The project was approved at the meeting of the National Steering Committee on Climate Change, held here today, under the chairmanship of Secretary, Ministry of Environment, Forest and Climate Change, Shri C.K Mishra. The first phase of the project has been approved at a cost of approximately Rs. 100 Crore for the States of Punjab, Haryana, Uttar Pradesh and Rajasthan. The project will leverage approximately three times the approved amount with contribution from the States as well as farmers. The project not on
Government has extended demand incentives to 1,63,997 hybrid/electric vehicles (XEVs) under FAME India Scheme

Government has extended demand incentives to 1,63,997 hybrid/electric vehicles (XEVs) under FAME India Scheme

Business & Corporate, Policies
The phase-1 of FAME India Scheme, which was originally for a period of 2 years i.e. up to 31st March 2017,  was  extended for a further period till 31st March 2018, with slight modification to the extent of discontinuation of the available benefits to the Mild Hybrid technology under the scheme with effect from 1st April 2017. The notification of the scheme provides for its review appropriately based on the outcome and experience gained in the Phase 1 of this scheme. Accordingly, based on the third party evaluation of phase-1 of the FAME   India Scheme, the benefits available to mild hybrid technology was withdrawn. At present, there are no plans to subsidize expensive battery components of electric vehicles in the Department of Heavy Industry, Ministry of Heavy Industries & Public E
Direct Tax Collections for Financial Year 2017-18 show Growth of 14.4% upto November, 2017

Direct Tax Collections for Financial Year 2017-18 show Growth of 14.4% upto November, 2017

Policies
The provisional figures of Direct Tax collections up to November, 2017 show that net collections are at Rs. 4.8 lakh crore which is 14.4% higher than the net collections for the corresponding period of last year. The Net Direct Tax collections represent 49% of the total Budget Estimates of Direct Taxes for the Financial Year. 2017-18 (Rs. 9.8 lakh crore).  Gross collections (before adjusting for refunds) have increased by 10.7% to Rs.5.82 lakh crore during April-November, 2017. Refunds amounting to Rs. 1.02 lakh crore have been issued during April, 2017 to November, 2017.
Govt orders probe into cases of Paradise Papers by Multi-Agency Group :

Govt orders probe into cases of Paradise Papers by Multi-Agency Group :

India, Policies
The government has ordered a probe into cases of Paradise Papers by Multi-Agency Group (MAG) headed by the Chairman of CBDT. The MAG will have representatives from ED, RBI and Financial Intelligence Unit. The CBDT, in a statement, said the Investigation units of the Income Tax Department have been alerted to take note of revelations for immediate action. Many cases of offshore entities are already under investigation on fast track. As soon as further information surfaces, swift action will follow. The Paradise Papers on financial holdings abroad listed a number of 714 Indian individuals and entities.
Government sets up Arun Jaitley led panel on PSU bank mergers :

Government sets up Arun Jaitley led panel on PSU bank mergers :

India, Policies
The government has constituted a ministerial panel headed by Finance Minister Arun Jaitley to oversee merger proposals of state-owned banks. The other members of the panel include Railway and Coal Minister Piyush Goyal and Defence Minister Nirmala Sitharaman. In a tweet, Financial Services Secretary Rajiv Kumar said that the government is working on banking reforms and constituted an Alternative Mechanism for Public Sector Banks, PSB consolidation. Last week, Mr Jaitley had announced 2.11 lakh crore rupees capital infusion roadmap for the public sector banks. The Union Cabinet had decided to set up an Alternative Mechanism to fast-track consolidation among public sector banks to create strong lenders. The move to create large banks aims at meeting the credit needs of the growin...
Union Minister Piyush Goyal & Jharkhand CM Raghubar Das inaugurate 3 day Jharkhand Mining Show :

Union Minister Piyush Goyal & Jharkhand CM Raghubar Das inaugurate 3 day Jharkhand Mining Show :

Business & Corporate, Policies
The 'Global Mining and Mineral Summit', called Mining Show 2017, has been inaugurated by Union Minister for Railway and Coal, Piyush Goel and Chief Minister of Jharkhand Raghubar Das. Our Ranchi Correspondent reports that many industries' representatives from public and private sectors are taking part in the Show. Speaking on this occasion, Union Minister Piyush Goel said that Jharkhand provides nine percent of the total mineral resources of the country. He commended the work of Chief Minister in containing Maoists threats and Railway will now able to increase the reach and speed of it's construction in remote areas of the state. He also said that Railway has increased the investment in the state by four times. He said in 2017-18, Railway will be investing 3850 crore rupees in Jharkh...